Posts tagged with: "estate+planning"
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26 Aug 2012, 3:12 pm by Jonas M. Grant
Because my practice is a mix of serving small businesses and families, I am separating these two facets of law into separate blogs, so that going forward posts of interest to entrepreneurs and businesses will continue to be posted here, posts concerning estate planning, wills, trusts, etc. will be posted at my new Los Angeles Estate Planning Blog. The first post on trust protectors is up now. For now, past articles on estate planning will remain here, but I may migrate or duplicate these to the… [read post]
20 Apr 2010, 9:48 pm by Janet L. Brewer
Many times when a person is creating a will or a trust, s/he will nominate a child or other family member to act as executor or trustee. In theory, there is nothing wrong with doing this. However, in my many years of practice, I have seen problems arise after the death of the parent or other loved one because the trustee or executor is no longer getting along with the rest of the family. [read post]
22 Feb 2012, 7:07 am by kirksanderslaw
What kind of plan should I fund for child's education? There are a number of choices, including: 529 Plan, UTMA (uniform trust for minors act), Coverdell & more. I'm going to highlight the differences in 2, the 529 vs. UTMA. read more [read post]
There are many options to protect your children from themselves but the options are the epitome of tough love. Still, they could help your child in the end. While planning for your estate addresses many concerns, likely providing your loved ones is at the top of the list. But what... [read post]
More than half a million cryopreserved embryos are now in storage somewhere in the United States. An unknown but far greater number of sperm donors have also made deposits that could be used for an expanding array of assisted reproductive technologies (ART). Putting aside any number of religious, ethical, and social issues, ART is also creating very difficult problems for some estates. [read post]
A larger share of people's savings is winding up in IRAs—even as estate-tax rules are getting trickier and the markets are growing more volatile. All of this is making life more complicated for widows and widowers, and could cause them to make significant mistakes with their money. [read post]
21 Aug 2012, 10:57 am by John A. Weber IV, ESQ.
Gift Taxes and Estate Planning Individuals can give tax-free gifts to an unlimited number of people each year, as long as the value of each of those gifts does not exceed a certain limit. Additionally, spouses are each personally entitled to give gifts up to the tax-free limit, even if they give gifts to the [...] [read post]
29 May 2012, 10:25 pm by Christopher Larson
Insight Law is a dedicated Seattle Estate Planning Law Firm serving Renton, Kent, Federal Way, Auburn, Tukwila, Burien, Normandy Park, Maple Valley, Enumclaw, Covington, Des Moines, Seatac, and West Seattle. Call Today For A Free Consultation.Please click "Home" to read our blog. Click "About" to learn about our firm. Click "Locations" to get a map and directions to our four convenient locations. Click the link below to visit our firm website.Insight Law - South King County Location: 15111 8th Ave… [read post]
If you are giving a large gift, you need to be aware that the IRS is watching. Accordingly, you need to secure good tax and legal advice before making large gifts. Often, the answers are simple. However, the consequences for errors in gifting can be significant. [read post]
25 Mar 2011, 10:58 am by Jayne Sykora
Although much attention is generally given to the federal estate tax, many never realize or consider that some states also impose their own taxes upon the death of an individual. State Estate Tax Like the federal estate tax, an estate tax imposed by a state is based on the value of the deceased person’s estate, [...]State Estate & Inheritance Taxes: Will You Be Impacted? is a post from: Epilawg [read post]
Deciding how to leave your assets to your kids is tricky enough. If your adult child has a chronic disability, the task is much more complicated. Estate planning is never easy, if only because it means thinking about protecting your loved ones when you’re no longer around. It’s bad enough making plans to protect self-sufficient heirs who take care of themselves and an inheritance. However, it can be a real challenge when planning for heirs with special needs for a variety of personal and legal… [read post]
1 Jan 2011, 8:43 am by Jamie Held
Are you and your spouse both U.S. citizens?  If not, the foreign citizenship of you and/or your spouse may have a surprising estate tax impact. THE MARITAL DEDUCTION If an individual’s estate exceeds the estate tax exemption amount ($1 million for federal and Minnesota estate taxes in 2011, if no Congressional action), he or she [...]Citizenship Impacts Estate Taxes is a post from: Epilawg [read post]
To follow in [Reverend Crummey’s] footsteps, set up a trust and have it buy a life insurance policy on your life. Someday when you die, the trust will receive the insurance proceeds and pay them out to the beneficiaries listed in your trust. [read post]
Whenever making loans — to anyone — there should be a written promissory note that spells out the amount borrowed, whether interest is being charged and how repayments are to be made. It’s fine if it’s merely a demand loan and there’s no repayment schedule. But parents should also specify, in their wills or trusts, how the loan should be handled after they die. Require it to be repaid? Forgive the loan? Offset it with interest? Without interest? [read post]
Estate planning is more than creating a tool chest for wealth transfers. There must be careful coordination between many moving parts. For example, if you fail to mind the details of your insurance planning, then your estate planning tools may do more harm than good. [read post]
Americans hold nearly $4.2 trillion in traditional IRAs. That money has yet to be taxed, so it’s no wonder that the government requires you to take your money out and start paying taxes on it. Required Minimum Distributions generally apply once you turn 70-1/2 years old. The required distribution amount is determined by a formula based on your account balance and your age (check out the calculator from Kiplinger on at the previous link. And yes, your IRA balances ARE included in your estate for… [read post]
Other same-sex couples who might be thinking of following suit [with Rep. Barney Frank] should understand something that needs no explaining to Frank, co-author of the Dodd-Frank Bill to regulate the banking industry: Whether marriage will be a financial win depends on a couple’s age, income, assets, debts, where they live, whether they have kids and a raft of still unresolved legal issues. [read post]
IDGTs and GRATs (along with many other income, gift and estate planning strategies) came under attack in the Obama Administration’s Fiscal Year 2013 Revenue Proposals (the “Green Book”) which, if enacted into law, could essentially eliminate the use of IDGTs and greatly reduce the effectiveness and flexibility of GRATs. This latest, although not totally unexpected, development prompts me to continue to passionately stress that there may never be a better time to engage in sophisticated estate… [read post]
1 Jun 2012, 11:40 am by Alerian Hall
Here’s a chart designed to give you a quick overview of the 2012 tax changes that are most likely to affect the average person.Let us know if you have any questions. Charts showing more detail on Income Taxes (Chart A) and the Saver’s Tax Credit (Chart B) follow the main chart.Author: Alerian Hallwww.insightlawfirm.comEstate Planning AttorneyWill LawyerTrusts AttorneyProbate AttorneyTax AttorneyTax LawyerBankruptcy Attorney [read post]
If you were counting on tapping the equity in your home to help finance your retirement, you may have reason to worry. A recent issue of SmartMoney points out, “With home prices falling for nearly five years, many American must consider what to do with their homes should prices continue to collapse and the equity in their homes, if they are still lucky enough to have any, disappears completely.” [read post]